President Hugo Chavez relished using Venezuela’s oil wealth to project power internationally, nudging OPEC to raise oil prices when he could, showering allies like Cuba and Nicaragua with subsidized oil shipments, and mocking the United States while selling it his crude.
But Chavez’s death Tuesday has had surprisingly little impact on global oil markets, highlighting how Venezuela’s dwindling crude production and exports have undercut its global power in recent years...............................................Full Article: Source